Baltimore City building to convert to apartments

Signature Office Tower at 10 Light Street to be converted

Published 5:20 PM EST Dec 03, 2012

BALTIMORE -

A downtown building will get a makeover in a bid to draw more residents to the city.

According to a news release, an announcement was made Monday by Downtown Partnership of Baltimore, Baltimore Mayor Stephanie Rawlings-Blake and the Baltimore Development Corporation on the sale of Signature Office Tower at 10 Light Street.

The property was purchased by Metropolitan Baltimore, LLC, which will convert the building to residential units and ground floor retail.

The transaction furthers Rawlings-Blake’s goal to increase Baltimore’s population by 10,000 families. It also continues the strong residential growth pattern in what was, historically, a nine-to-five office district. The area, known as City Center, contains The 401, Baltimore’s fastest-growing residential neighborhood according to the 2010 U.S. Census. Housing demand research by Downtown Partnership shows market demand for 5,800 new apartments in downtown Baltimore over the next five years.

In its 2011 Strategic Plan for Downtown Baltimore, The Partnership put 10 Light Street at the top of a list of 25 underused buildings whose return to full use was important to Downtown’s future. Over the last several months, both Downtown Partnership and the Baltimore Development Corporation have been working with the previous owner and a private developer on plans for its sale and conversion.

"Bringing 10 Light Street back to full occupancy through adaptive reuse addresses three of my top priorities for Downtown," Rawlings-Blake said. "This project will take hundreds of thousands of square feet of outdated office space off the market, provide signature new residential and retail space, and invest millions of dollars in the city’s economy."

"With Downtown apartment buildings at almost 100-percent occupancy, the demand for this project is clearly there," said Downtown Partnership of Baltimore president, Kirby Fowler. "Adding retail and hundreds of new residents will bring 24-hour life and build a critical mass of people in this important section of Downtown."

"From an office standpoint, 10 Light Street would be a tough sell because its floor plans and amenities are outdated, but from a residential standpoint, this building is a home run," said Kimberly Clark, acting president of the Baltimore Development Corporation. "Overnight, this building is going from one of our biggest concerns to one of our biggest development successes of the year."

The building at 10 Light Street was built in 1928 as the headquarters for the Baltimore Trust Company. When it opened in 1929, it was the tallest skyscraper on the East Coast (outside of New York City) and remains one of Downtown’s most iconic buildings. Currently, it houses a branch banking center for Bank of America and its single office tenant, the law firm of Miles & Stockbridge, is moving to One Light Street just a block south in the spring of 2013.

Copyright 2012 byWBALTV.com All rights reserved. This material may not be published, broadcast, rewritten or redistributed.